private client presentation

28
Private Client Presentation 10 th October 2011 Gibraltar Asset Management Limited is Authorised and Regulated by the Financial Services Commission Member firm of the London Stock Exchange

Upload: gibassetmgmt

Post on 14-Dec-2014

1.261 views

Category:

Documents


5 download

DESCRIPTION

 

TRANSCRIPT

Page 1: Private Client Presentation

Private Client Presentation

10th October 2011

Gibraltar Asset Management Limited is Authorised and Regulated by the Financial Services Commission

Member firm of the London Stock Exchange

Page 2: Private Client Presentation

Contents 1. About Us

2. Organisation

3. Security of Your Assets

4. Client Reporting

5. Services Execution-Only

Advisory

Discretionary

6. Summary

Appendix

2

Page 3: Private Client Presentation

About Us

• History - Gibraltar Asset Management Limited (“GAM”) was founded in 1987 and has roots

in Gibraltar going back over forty years.

• Regulation - GAM is authorised and regulated by the Financial Services Commission. Being

based in Gibraltar, we are subject to the Markets in Financial Instruments Directive (MiFID),

thus benefiting clients with the maximum amount of protection. We are also a member of the

Gibraltar Investor Compensation Scheme.

• Memberships – GAM is Gibraltar’s single local member firm of the London Stock Exchange.

GAM is also a member of GFIA (Gibraltar Funds & Investments Association) and GACO

(Gibraltar Association of Compliance Officers).

• Independence - We are totally independent of any fund managers, clearing banks or

insurance companies and as such have no conflicts of interest. As a result we provide

entirely unbiased investment advice.

3

Page 4: Private Client Presentation

4

Organisation

Isabel Duque Paul Segal Paul Brailey

Mark Maloney

Managing Director

John C. Bourbon

Chairman

Gregory King

Director

Stephanie King

Director

Account Opening

Investment Management, Advisory & Execution-Only dealing

Client Services

Djamal Adib

Page 5: Private Client Presentation

Security of Your Assets

• Nominee arrangements - We do not hold client assets, rather they are held through an FSA-regulated custodian, Jarvis Investment Management Plc (“Jarvis”). Jarvis is a Member firm of the London Stock Exchange and is itself listed on the London Stock Exchange. Securities are registered in the name of Jarvis’ nominee, JIM Nominees Limited, a non-trading company that provides for the safe, secure and effective administration of clients’ investments.

Advantages of our nominee service include:

• The enabling of market transactions to be settled for standard settlement (T+3)

• The elimination of lost share certificates which are becoming ever more costly to replace

• The reduction of paperwork as all correspondence, such as reports, is sent to the nominee company

• The automated processing of corporate actions including the collection of dividends

GAM can also arrange for settlement via the client’s own custodian.

• Investor protection - GAM places a strong emphasis on risk management encompassing legal, regulatory and reputational

risk and compliance. Treating customers fairly is an established and fundamental component of the firm’s business culture and has been instrumental to the development of the firm’s excellent reputation amongst investors. This is evidenced by our low client turnover.

5

Transactions Settlement Custody Corporate Actions Valuations

Page 6: Private Client Presentation

Client Reporting

Regular reporting is an important part of our relationship with our clients. We communicate to

our clients through the following media:

• Online access - clients can access their portfolios through our online platform, which provides daily valuations and sterling cash statements.

• Corporate actions - ongoing notification (via telephone, email or letter) of all corporate events that occur on your holdings such as rights issues, capital reorganisations, takeovers etc. Advice on course of action is provided on request.

• Contract notes - contract notes are issued promptly after each transaction, either immediately via email (thus cutting down on mail and unnecessary paper) or via post the following day.

• Hard copy valuations – dispatched semi-annually for month end June and December. Discretionary investment management clients also receive a market report along with a performance analysis against a suitable benchmark.

6

Page 7: Private Client Presentation

Our execution-only dealing service is a comprehensive and efficient method to buy and sell securities.

• Markets - As a member firm of the London Stock Exchange we have direct access to the markets and provide best execution and timely execution of orders. Markets covered include:

Equities Pan-European, North American, Australian and Japanese

Fixed Interest Pan-European & US government and corporate debt

Collective Investment Schemes Investment Trusts, Unit Trusts and ETFs

Structured Products Exchange-listed and OTC

Derivatives Options, CFDs & Covered Warrants

• Telephone/Online dealing - Trades may be placed via our traditional telephone-based service or online via our robust online dealing platform.

• Value-added service - We can provide up-to-date market information, monitor stock price movements, keep you informed of news on particular stocks and take limit as well as market orders. Execution-only customers also receive research published by GAM’s Investment Committee which drives our investment management offering.

7

Services – Execution-Only

Page 8: Private Client Presentation

• Tailored advice - We make recommendations based on your investment objectives, attitude to risk, time horizon and individual requirements and will act only once you are in agreement with our recommendations. We will advise on the merits of a particular investment upon request, as well as on its suitability to your portfolio as a whole.

• Free of charge - There is no additional charge for the advisory service. Only a financial questionnaire need be completed.

• Quality of advice - Our advice is based on quality research and the skills, knowledge and experience of our professional brokers, all London qualified.

• Profitable opportunities - We aim to provide the advice clients need to improve the return on their investments - whether they are short-term traders or long-term investors. We advise clients of potential opportunities, place orders once a course of action has been agreed and monitor subsequent performance.

• Scope of advice - There are a growing number of investment products available hence good selection is vital. With the ever increasing complexity of these investments professional help has never been more essential. Every advisory client is assigned a stockbroker who is there to build a relationship with you, as your trusted advisor, exchanging ideas and keeping you informed. You can discuss everything from risk management and the achievement of your investment goals to how best to buy or sell specific shares.

• Investment ideas – Advisory customers receive research published by GAM’s Investment Committee which drives our investment management offering.

• Portfolio review - GAM carries out regular reviews of all client portfolios whether advisory or discretionary to ensure that portfolio holdings are in line with each clients investment objectives, time horizon and attitude to risk.

8

Services – Advisory

Page 9: Private Client Presentation

Investment Committee

• GAM’s Investment Committee is responsible for building model portfolios for a range of investment objectives and time horizons. These models are used as a basis to build a portfolio for an individual client.

• Our approach to portfolio construction is to:

1) Identify the best assets to invest in

2) Combine them to minimise volatility

3) Establish the best investment route for each asset class

• Asset allocation is at the core of investment success-research has shown that 90% of returns come from the way you spread your holdings across different asset classes, not through stock picking. The more asset classes one includes, the greater potential there is for reduced volatility and enhanced returns.

• Our model portfolios reflect recommended asset allocations to equities, special situations, commodities & fixed interest. By way of example, for an investor with a medium attitude to risk and a medium time horizon, GAM uses the following portfolios as a template for subsequent investment dependent upon their investment objectives – balanced, income or capital growth.

9

Services – Discretionary

Investment Committee Confirm asset

allocations Security Analysis Transactions

Page 10: Private Client Presentation

Model Portfolios

Balanced/Capital Growth

Equities 50%

Special Situations 10%

Commodities 10%

Fixed Interest 30%

Income

Equities 50%

Fixed Interest 50%

Capital Growth (Zero Fixed Interest)

Equities 80%

Special Situations 10%

Commodities 10%

Now we discuss these individual asset classes in turn.

As an independent stockbroker, we select the best investment route for each asset class based on value. As our income is derived from our transparent pricing structure we tend to prefer direct investments and low cost exchange traded funds to expensive unit trusts and structured products. Costs chip away at performance year after year and their impact compounds over time. There are few factors as predictive of future success as fees-they are the only variable known at the outset. We believe our approach aligns GAM’s interests directly with those of the client.

10

Services – Discretionary

Page 11: Private Client Presentation

11

Services – Discretionary Equities

GAM manages it’s equity allocation with the following principles in mind:

• Diversification - we invest in a total of 20 shares. This reduces company specific risk to the theoretical maximum level.

• Risk management – our investment managers are restricted to investing no more than 5% of the equity allocation in any one stock and 15% in any one sector.

Regarding the selection of stocks, GAM considers both technical and fundamental factors. Our criteria include:

• Low debt levels – particularly important post credit crunch.

• Good earnings visibility – good forward visibility of earnings ensures a company has the ability to survive an economic downturn.

• Dividend yield - We invest predominantly in good dividend-paying companies whose dividends are well covered. Stocks with good dividends are less affected by market volatility and over the long term, studies have found that dividend yield accounts for a greater proportion of total returns than capital gains.

• Value – We focus on companies that are inexpensive as measured by either price earnings multiples, price earnings growth or price to book value.

• Simplicity – We only invest in companies we understand.

The categories of shares we purchase come under the following broad headings – core defensive, cyclical and thematic.

Client Requirements Asset Allocation Stock Selection Trading

Page 12: Private Client Presentation

12

Services – Discretionary

• Core Defensive

10 defensive sectors form the core of the equity allocation where the best in class companies are selected that are expected to perform well irrespective of economic conditions. Our past stock selection has included:

Company Sector

Astrazeneca Pharmaceuticals & Biotechnology

BP Oil & Gas Producers

BAE Systems Aerospace & Defence

British American Tobacco Tobacco

Diageo Beverages

Scottish & Southern Energy Electricity

Tesco Food & Drug Retailers

Unilever Food Producers

United Utilities Gas, Water & Multiutilities

Vodafone Mobile Telecommunications

These shares are bought to be held for the long term and are generally held for the long term unless an adverse situation happens with the company or a more attractive proposition appears.

Over time these core defensive shares have tended to outperform the FTSE 100, whilst exhibiting lower levels of volatility. Thus this selection provides the investor with a solid core from which to build a diversified portfolio & seek more adventurous returns.

Page 13: Private Client Presentation

13

Services – Discretionary

• Cyclical

A further 5 companies are selected from sectors that are in the current (or soon to be expected) economic cycle, such as:

Early Cycle = Automobiles & Parts, General Retailers, Household Goods, Leisure Goods, Life Insurance, Media and Travel & Leisure

Mid Cycle = Industrial Transportation, Mining, Oil & Gas Producers, Oil Equipment & Services, Real Estate, Software & Computer Services and Technology Hardware & Equipment

Late Cycle = Banks, Chemicals, Construction & Materials, Electronic & Electrical Engineering, Equity Investment Instruments, Forestry & Paper, General Industrials, General Financial, Industrial Engineering, Industrial Metals and Support Services

Our past stock selection has included:

Company Sector

Balfour Beatty Construction & Materials

BHP Biliton Mining

Clarkson Industrial Transportation

Royal Dutch Shell B Oil & Gas Producers

Standard Chartered Banks

These shares are generally bought for the short term.

Page 14: Private Client Presentation

14

Services – Discretionary

• Thematic

The final 5 investments are selected from themes that we believe will benefit from some underlying trend or catalyst.

Our past stock selection has included:

Company Sector Rationale

Chesnara Life Insurance High yielding, low-risk company yielding 8%

Halfords General Retailers Will benefit from consumer belt tightening

iShares Emg Mkts Equity Investment Instruments Higher GDP growth vs. developed markets

LVMH Personal goods Exposed to the high growth emerging markets

Syngenta Chemicals Will benefit from global shortage of food

These investments are generally bought for the medium term.

Page 15: Private Client Presentation

15

Services – Discretionary

Special Situations

Special situations is an asset class where we attempt to take advantage of short-term anomalies in the market and seek absolute returns that are uncorrelated with the wider equity market.

For example, market anomalies occasionally present themselves in takeovers where the price of the target company does not rise to the bid price (less the time cost of money). Bid arbitrage occurs in times of high market volatility and presents very attractive risk/return profiles.

Alternatively there may be a specific event that will trigger a rise in the share price.

Our past stock selection has included:

Company Sector Rationale

Amlin Non-life Insurance Share price should rise on the back of a benign hurricane season and low valuation

BG Group Oil & Gas Producers Potential takeover target for the likes of ExxonMobil

Carillion Support Services Will benefit from government cost cutting

Centamin Egypt Mining Potential takeover target, the AIM markets largest gold producer

These shares are bought with a very short term time horizon.

Page 16: Private Client Presentation

16

Services – Discretionary

Special Situations (cont)

For investors with a higher risk tolerance, we can manage between 25% and 100% of the special situations allocation in either options or CFDs.

Options

Options are derivative contracts which can be used by investors in a diverse set of contexts - to insure their portfolios, purchase shares at a lower level than the prevailing market price, enhance the yield of their equity portfolios or take leveraged positions whilst carrying a limited amount of risk. GAM has successfully traded the options market for its clients over many years and has been able to consistently make money in all types of markets. GAM utilises the following trading strategies:

Covered calls

Selling out-of-the-money covered calls (where the option writer owns the obligated quantity of the underlying security and is obligated to deliver the shares should they reach a certain level) is a popular strategy that enables the stockowner to generate additional income which is similar to receiving an additional dividend.

Naked Puts

GAM recommends writing puts(where the option writer is obligated to purchase shares should it fall below a certain level) on key stocks it recommends, selecting strike prices based upon a combination of fundamental and technical analysis, which fall into the core defensive and cyclical categories

FTSE 100 Strangle

This strategy allows investors to trade the range of the FTSE 100 rather than the direction using options contracts by selling high strike price call options whilst simultaneously selling low strike price put options. If the market stays within the range, the entire option premium is retained

CFDs

Contracts for Difference are agreements to exchange the difference in value of a particular security, from when you enter into the contract to when you close it, without the requirement to own the physical asset. CFDs are traded on margin, so you can take a position without having to pay the full value of the transaction. The margin requirements are commonly just 10% for major shares. CFDs benefit from low commission rates, low margin and zero stamp duty plus the facility to go short as well as long - thus profiting from falling as well as rising markets.

Our CFD offering covers over 7,000 shares worldwide, FX, indices, commodities and bonds. FX, indices and commodities can be traded 24-hours a day online.

Disclaimer: Trading options & CFDs is a high risk strategy which can result in losses than exceed your initial deposit. Trading derivatives may not be suitable for everyone, so ensure that your fully understand the risks involved.

Page 17: Private Client Presentation

17

Services – Discretionary

Commodities

Commodities add further diversification benefits to a portfolio. Gold, for example has a correlation of just 0.09 with the FTSE 100. Over long periods of time the CFA Institute has found that portfolio’s containing a significant exposure to precious metals experience higher average annual returns whilst exhibiting lower levels of volatility.

Our current investment selection includes:

Commodity Rationale

Gold Protects portfolio against inflation, particularly topical given the current debt levels and QE programmes. Gold is regarded as a ‘safe haven’. The high reached in the 1980s equates to $2,200 today in inflation-adjusted terms.

Silver Similar to gold in that it is a store of value – the words for silver and money are in fact the same in 14 different languages. Is trading at a historic low vs. the gold price. Unlike gold, silver is “consumed” in industrial processes which will support the spot price.

Platinum Will benefit for increasing Chinese demand for cars, rising inflows into ETFs and its reputation as a store of value.

Palladium Will benefit for increasing Chinese demand for cars, tight supply and its reputation as a store of value.

Exposure is obtained by purchasing exchange traded funds that are listed on the London Stock Exchange, which hold physical allocated gold or silver under trust in a vault at HSBC and have very low management fees.

Page 18: Private Client Presentation

18

Services – Discretionary

Fixed Interest

Fixed interest forms an important part of a diversified portfolio that is often overlooked by private investors. You can get approximately the same return with lower risk by adding corporate bonds to your portfolio. GAM manages it’s fixed interest allocation with the following principles in mind:

• Diversification - We invest in a total of 10 different bonds. This reduces company specific risk to a comfortable level. In the unlikely event of liquidation, corporate bondholders have traditionally received 50 pence in the pound. If the bond allocation yielded 5%, that equates to a year’s worth of interest lost – not pleasant but not a disaster neither.

• Risk management – Our investment managers are restricted to investing no more than 10% of the fixed interest allocation with any one company and 15% in any one sector.

• Investment grade bonds - We only seek investment grade bonds from stable, defensive companies which boast a high level of interest cover. High yield bonds, or junk bonds as they are known, are precisely that and are avoided.

• Bond Ladder – GAM specialises in investing in a bond strategy known as a bond ladder – where 10 bonds are purchased, each one maturing every year out to ten years. When the first bond matures, it is reinvested back out at the end of the ladder. This strategy attempts to minimise risks associated with fixed-income securities while managing cash flows for the individual investor.

Buying a bond ladder has the following advantages:

1) Interest rate forecasting is made redundant. If interest rates remain low, the majority of the portfolio is already invested in longer dated issues. If interest rates start to rise, there is always a bond coming up for maturity which can be reinvested at the higher prevailing interest rate. Such a strategy obtains greater returns than from holding only short-dated bonds, but with lower risk than holding only long-dated bonds. In any case, economists only have a 35% success of correctly forecasting interest rates so why even try?

2) It provides investors with a constant stream of liquidity in two ways. First through interest payments which occur throughout the year (corporate bonds generally pay interest payments once a year) and second by having steadily maturing bonds, investors also have a major source of liquidity through redemptions.

3) It reduces the reinvestment risk associated with rolling over maturing bonds into similar fixed-interest securities all at once.

4) It replaces the need to buy a diversified bond fund, which is similar to a share in that you are reliant upon the future price to get your money back. With a bond ladder the investor knows what he will receive at the outset if the bonds are held to maturity no matter what the underlying movement in interest rates. Bond fund managers have a poor record of achieving prudent outperformance and their high fees negate the pick-up in yield obtained from investing in investment grade corporate bonds.

Page 19: Private Client Presentation

19

Services – Discretionary

Bond Ladder Example

A typical bond ladder constructed to give 10 rolling holdings maturing over the next decade may be composed as follows:

S&P Security Maturity

BBB- Marks & Spencer 6.375% 07/11/2011

BBB+ Compass Group 6.375% 29/05/2012

BBB- British American Tobacco 5.75% 09/12/2013

BBB+ Pearson 7% 27/10/2014

AA- Nationwide 7.971% PIB 13/03/2015

A- Rolls Royce 7.375% 14/06/2016

A- National Grid 6% 07/06/2017

AAA European Investment Bank 4.75% 15/10/2018

A- Tesco 5.5% 13/12/2019

BBB+ Axa 7.125% 15/12/2020

The bottom line is that by adopting this approach you should not get stuck one way or the other and can instead focus on the factors that are most important to the fixed income investor - safety, high current income, predictability of future income and adaptability to changing conditions.

Page 20: Private Client Presentation

• GAM is able to provide you with a dedicated and local service

– Local dealing desk covering equities, bonds, commodities, options and CFDs

– Value added advice free of charge

– Competitive commission rates

– Low custody fees for a premier custodial service

– No minimum account size

– Simple and fast account opening process

– Online dealing/online access

– Access to complimentary research

– Efficient and local operational support

20

Summary

Local dealing desk

Efficient operations

Competitive rates Simple account

opening

Access to research &

advice

Page 21: Private Client Presentation

Appendix

i-Key Contacts

ii-Summary of Rate Card

iii-Team Biographies

iv-Sample Research Notes

21

Page 22: Private Client Presentation

22

Key Contacts

Advisory & Discretionary:

Djamal Adib [email protected]

Paul Brailey [email protected]

Mark Maloney [email protected]

Managing Director:

Mark Maloney [email protected]

Client Services:

Client Services [email protected]

Isabel Duque [email protected]

Telephone +350 200 75181

Account Opening:

Paul Segal [email protected]

Execution-Only:

Dealing team [email protected]

Page 23: Private Client Presentation

23

Equities and

Funds Fixed Interest CFDs

Execution-Only and Advisory Accounts First £10,000 1.65%* 1.25% 0.25%**

Thereafter 0.50% 0.25% 0.25%

Discretionary Accounts First £10,000 1.00% 0.50%

Thereafter 0.50% 0.25%

Minimum Commission (Crest settled) £45*** £45*** £25

Investment Management Fee 0.75% of portfolio value p.a.

Portfolio Review

0.25% (subject to minimum of £500)

Custody £120 p.a. (£60 additional annual charge per ccy)

BACS Payments £15

* Reduced to 1% for online dealing

** Subject to LIBOR + 3% financing fee for long positions

*** Reduced to £40 for discretionary accounts and £25 for online dealing

Summary of Rate Card

Page 24: Private Client Presentation

John Charles Bourbon Chartered FCSI – Chairman

John manages a compliance and regulatory consultancy business based in the Isle of Man. He is licensed by the Isle of Man

Financial Supervision Commission under section 7 of the Financial Services Act 2008 to act as a Corporate Service Provider

(Class 4 sub-class (6)).

From 2000 until 2002, John held the position of Managing Director of the Cayman Islands Monetary Authority. Prior to his

arrival in the Cayman Islands, John was Head of Supervision at the Isle of Man Financial Supervision Commission. Before

this he worked for twenty four years within the financial services arm of the Barclays Bank Group. John holds a Master of

Science (MSc) degree in Financial Services Regulation and is a Fellow of the Chartered Institute of Bankers (FCIB) and the

Chartered Institute for Securities & Investment (FCSI). John is also a member of the International Committee of the CISI.

Gregory King – Director

Gregory is a Scottish trained solicitor and entrepreneur.

Stephanie King - Director

Stephanie joined GAM in 2008 and is involved in the marketing of GAM’s services. Stephanie has a BA in Journalism from

The University of The Arts and has ten years experience in writing, editing, team managing and client liaison.

24

Biographies - Directors

Page 25: Private Client Presentation

Mark Maloney BA (Hons) Chartered MCSI – Managing Director

Mark joined GAM in October 2001 and was appointed Managing Director in 2008. He graduated from Liverpool J.M. University with an

honours degree in Accounting & Finance and subsequently spent several years in London working for State Street and Merrill Lynch

Investment Managers. A former member of 4th Battalion The Parachute Regiment, Mark is a holder of the Investment Administration

Qualification, the CFA’s Investment Management Certificate, the CISI Diploma in Investment Compliance and is a Chartered Member of

the Chartered Institute for Securities & Investment. Mark is a member of the executive committee of GFIA (Gibraltar Funds &

Investments Association), the Chairman of the GFIA Training Sub-Committee, charged with bringing training to local professionals in

the finance industry, and is the President of the Gibraltar Branch of the Chartered Institute for Securities and Investments.

25

Biographies - Directors

Page 26: Private Client Presentation

Djamal Adib BSc MSc – Stockbroker & Investment Manager

Djamal Marcel Adib holds a BSc in Economics and an MSc in Finance. He studied at Maastricht University, Whitworth College, EDHEC

Business School and Harvard University. Before joining GAM, Djamal completed internships at Sal. Oppenheim, Goldman Sachs and

Merrill Lynch.

Paul Brailey BEng (Hons) ACSI – Stockbroker & Investment Manager

Prior to joining GAM in April 2008, Paul spent three years as an engineer in the medical industry. Paul holds a mechanical engineering

degree from Birmingham University, the CISI Certificate in Investments – Retail and the CFA’s Investment Management Certificate.

Paul is an Associate of the Chartered Institute for Securities & Investment.

Isabel Duque – Client Services

Isabel Duque joined GAM in December 2008 after eight years in Dublin where she worked in the hedge fund and stockbroking industry.

She holds a Masters degree in Business Administration from Granada University, diplomas in stockbroking investment and portfolio

management from Dublin Business School as well as the CISI International Certificate in Financial Advice. She is responsible for the

daily administrative aspects of the office including investment operations and finance. Isabel is fluent in Spanish and an Associate of

the Chartered Institute for Securities & Investment.

Paul Segal – Marketing Manager

Paul Segal joined GAM in February 2008. He is responsible for relationship management and account openings. His previous

experience was gathered during six years in advertising, sales and marketing for a global blue-chip company where he held the position

of Sales and Marketing Manager.

26

Biographies - Operations

Page 27: Private Client Presentation

27

Sample Research Notes

Page 28: Private Client Presentation

28

Gibraltar Asset Management Limited is a member firm of the London Stock Exchange and is authorised and regulated by the Gibraltar

Financial Services Commission. Research: Neither the information nor the expressed opinions in this document constitute or intend to be an

offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein and options, warrants, or rights to or

interests in any such securities). The information and opinions contained in this document have been compiled from, and based upon

generally available information and independent research undertaken by ourselves, which has been qualified and reviewed by our portfolio

managers for suitability. However, the accuracy or completeness of the analysis cannot be guaranteed. Confidentiality: The information in this

document and any attachments may contain proprietary information some or all of which may be legally privileged. It must not be disclosed to

or used by persons other than the intended recipient. If received in error, please notify us immediately and then delete this document.

Content: Please note that the content of this document may be e-mailed and may be intercepted, monitored or recorded for compliance

purposes. Copyright: Copyright in this document and any attachments created by Gibraltar Asset Management Limited belongs to Gibraltar

Asset Management Limited unless otherwise stated. Care: Gibraltar Asset Management Limited shall not be liable to the recipient or any third

party for any loss or damage howsoever arising from this document and / or its content, including if e-mailed, loss or damage caused by virus.

It is the responsibility of the recipient to ensure that the opening or use of this document and any attachments shall not adversely affect

systems or data.

Contact Details

Address: One Irish Place, Gibraltar

Registered address: 28 Irish Town, Gibraltar

Telephone: +350 200 75181

Email: [email protected]

Website: www.gam.gi

Disclaimer